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UNITED STATES
  SECURITIES AND EXCHANGE COMMISSIONWashington D.C. 20549

FORM 10-QSB

x QUARTERLY REPORT
  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 
  For the quarterly period ended March 31, 2004

 ̈ TRANSITION REPORT
  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 
  For the transition period from ______ to ______

Commission file number: 000-28837

NEW JERSEY MINING COMPANY(Exact name of registrant as specified in its charter)

|Idaho                        | 82-0490295                       
|---------------------------- | ---------------------------------
|(State or other jurisdiction | (IRS employer identification no.)
|of incorporation)            |                                  

89Appleberg Road, Kellogg, Idaho 83837(Address of principal executive offices)

Registrants telephone number, including area code: (208)
  783-3331

|Common Stock        | The OTC-Bulletin Board               
|------------------- | -------------------------------------
|Title of each class | Name and exchange on which registered

Indicate by check mark whether the registrant (1) has filed
  all reports required to be filed by Section 13 or 15(D) of the Securities Exchange
  Act of 1934 during the preceding 12 months (or for such shorter period as the
  registrant was required to file such reports), and (2) has been subject to filing
  requirements for the past 90 days. |
  Yes x      No
   ̈

At April 29, 2004, 19,644,390 shares of the registrants
  common stock were outstanding.

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NEW JERSEY MINING COMPANY
  QUARTERLY REPORT ON FORM 10-QSBFOR THE QUARTERLY PERIODENDED MARCH 31, 2004

TABLE OF CONTENTS

|                                                                                                | Page | 
|----------------------------------------------------------------------------------------------- | ---- | 
|                                                                                                |      | 
|PART I  FINANCIAL INFORMATION                                                                  |      | 
|                                                                                                |      | 
|Item 1: Financial Statements                                                                    | 1    | 
|                                                                                                |      | 
|Item 2: Managements Discussion and Analysis of
      Financial Condition and Plan of Operation | 4    | 
|                                                                                                |      | 
|Item 3. Controls and Procedures                                                                 | 6    | 
|                                                                                                |      | 
|PART II  OTHER INFORMATION                                                                     |      | 
|                                                                                                |      | 
|Item 1: Legal Proceedings                                                                       | 7    | 
|                                                                                                |      | 
|Item 2: Changes in Securities                                                                   | 7    | 
|                                                                                                |      | 
|Item 3: Defaults among Senior Securities                                                        | 7    | 
|                                                                                                |      | 
|Item 4: Submission of Matters to a Vote of Security
      Holders                               | 7    | 
|                                                                                                |      | 
|Item 5: Other Information                                                                       | 7    | 
|                                                                                                |      | 
|Item 6: Exhibits and Reports on Form 8-K                                                        | 7    | 
|                                                                                                |      | 
|SIGNATURES                                                                                      | 8    | 

[The balance of this page has been intentionally left blank.]



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PART I-FINANCIAL INFORMATION

Item 1. Financial Statements

NEW JERSEY MINING COMPANY(A Development Stage Company)BALANCE SHEETS

|                                                   |   | (Unaudited) |   |   |              |  
|-------------------------------------------------- | - | ----------- | - | - | ------------ | -
|                                                   |   | March 31,   |   |   | December 31, |  
|                                                   |   | 2004        |   |   | 2003         |  
|ASSETS                                            
|                                                   |   |             |   |   |              |  
|Current assets:                                    |   |             |   |   |              |  
|Cash and cash equivalents                          | $ | 592,167     |   | $ | 346,268      |  
|                                                   |   |             |   |   |              |  
|Total current assets                               |   | 592,167     |   |   | 346,268      |  
|                                                   |   |             |   |   |              |  
|Building and equipment                             |   | 357,480     |   |   | 271,676      |  
|Mineral properties                                 |   | 801,029     |   |   | 787,274      |  
|Other assets                                       |   | 2,346       |   |   | 2,346        |  
|                                                   |   |             |   |   |              |  
|Total assets                                       | $ | 1,753,022   |   | $ | 1,407,564    |  
|                                                   |   |             |   |   |              |  
|LIABILITIES AND STOCKHOLDERS EQUITY              
|                                                   |   |             |   |   |              |  
|Current liabilities:                               |   |             |   |   |              |  
|Accounts payable                                   | $ | 78,240      |   | $ | 11,610       |  
|Notes payable to related party                     |   | 1,000       |   |   | 2,000        |  
|Total current liabilities                          |   | 79,240      |   |   | 13,610       |  
|                                                   |   |             |   |   |              |  
|Accrued reclamation costs                          |   | 12,500      |   |   | 12,500       |  
|Payable to officers, in common stock               |   | 11,519      |   |   | 11,519       |  
|                                                   |   |             |   |   |              |  
|Total liabilities                                  |   | 103,259     |   |   | 37,629       |  
|                                                   |   |             |   |   |              |  
|Stockholders equity:                              |   |             |   |   |              |  
|Preferred stock, no par value; 1,000,000           |   |             |   |   |              |  
|shares authorized; no shares outstanding           |   |             |   |   |              |  
|Common stock, no par value; 50,000,000 shares      |   |             |   |   |              |  
|authorized; 19,609,390 and 18,669,890
      shares |   |             |   |   |              |  
|issued and outstanding                             |   | 2,285,456   |   |   | 1,910,456    |  
|Deficit accumulated during the development stage   |   | (635,693    | ) |   | (540,521     | )
|                                                   |   |             |   |   |              |  
|Total stockholders equity                         |   | 1,649,763   |   |   | 1,369,935    |  
|                                                   |   |             |   |   |              |  
|Total liabilities and stockholders
      equity   | $ | 1,753,022   |   | $ | 1,407,564    |  

The accompanying notes are an integral part of the financial
  statements.

1

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NEW JERSEY MINING COMPANY(A Development Stage Company) STATEMENTS OF OPERATIONSFor the Three-Month Periods ended March 31, 2004 and 2003 and 
  for the period from inception (July 18, 1996) through March 31, 2004(Unaudited)

|                                    |           |            |           |              | From Inception  |             
|----------------------------------- | --------- | ---------- | --------- | ------------ | --------------- | ------------
|                                    |           |            |           |              | (July 18, 1996) |             
|                                    | March 31, |            | March 31, |              | Through         |             
|                                    | 2004      |            | 2003      |              | March 31, 2004  |             
|                                    |           |            |           | (As Restated |                 | (As Restated
|                                    |           |            |           | See Note 3)  |                 | See Note 3) 
|Operating expenses:                 |           |            |           |              |                 |             
|Expenses paid with common stock:    |           |            |           |              |                 |             
|Management fees                     |           |            |           |              |                 |             
|Directors fees                      |           |            |           |              |                 |             
|Services                            | $         | 1,500      |           | $            | 500             |             
|Exploration                         |           |            |           |              |                 |             
|Exploration expense                 |           | 35,717     |           |              | 2,890           |             
|General and administrative expenses |           | 58,773     |           |              | 6,555           |             
|Total operating expenses            |           | 95,990     |           |              | 9,945           |             
|                                    |           |            |           |              |                 |             
|Other (income) expense:             |           |            |           |              |                 |             
|Royalty and other income            |           | (818       | )         |              | (358            | )           
|Write-off of goodwill               |           |            |           |              |                 |             
|Write-off of investment             |           |            |           |              |                 |             
|Total other (income) expense        |           | (818       | )         |              | (358            | )           
|Net loss                            | $         | 95,172     |           | $            | 9,587           |             
|                                    |           |            |           |              |                 |             
|Net loss per common share-basic     | $         | Nil        |           | $            | Nil             |             
|                                    |           |            |           |              |                 |             
|Weighted average common             |           |            |           |              |                 |             
|shares outstanding-basic            |           | 19,606,478 |           |              | 16,734,201      |             

2

The accompanying notes are an integral part of these financial
  statements.

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NEW JERSEY MINING COMPANY(A Development Stage Company) STATEMENTS OF CASH FLOWSFor the Three-Month Periods ended March 31, 2004 and 2003 and 
  for the period from inception (July 18, 1996) through March 31, 2004(Unaudited)

|                                                      |           |         |           |   | From Inception  |  
|----------------------------------------------------- | --------- | ------- | --------- | - | --------------- | -
|                                                      |           |         |           |   | (July 18, 1996) |  
|                                                      | March 31, |         | March 31, |   | Through         |  
|                                                      | 2004      |         | 2003      |   | March 31, 2004  |  
|                                                      |           |         |           |   | (As Restated    |  
|                                                      |           |         |           |   | See Note 3)     |  
|Cash flows from operating activities:                 |           |         |           |   |                 |  
|Net loss                                              | $         | (95,172 | )         | $ | (9,587          | )
|Adjustments to reconcile net loss to net cash         |           |         |           |   |                 |  
|used by operating activities:                         |           |         |           |   |                 |  
|Write-off of goodwill                                 |           |         |           |   |                 |  
|Write-off of investment                               |           |         |           |   |                 |  
|Stock issued for:                                     |           |         |           |   |                 |  
|Management fees                                       |           |         |           |   |                 |  
|Directors fees                                        |           |         |           |   |                 |  
|Services                                              |           | 1,500   |           |   |                 |  
|Exploration                                           |           |         |           |   |                 |  
|Change in:                                            |           |         |           |   |                 |  
|Other assets                                          |           |         |           |   |                 |  
|Accounts payable                                      |           | 66,630  |           |   | (7,927          | )
|Accounts payable
      to related party               |           | (1,000  | )         |   |                 |  
|Accrued reclamation
      costs and other liabilities |           |         |           |   | (46             | )
|Payable to officers                                   |           |         |           |   |                 |  
|Net
      cash used by operating activities           |           | (28,042 | )         |   | (17,560         | )
|                                                      |           |         |           |   |                 |  
|Cash flows from investing activities:                 |           |         |           |   |                 |  
|Purchases of building and equipment                   |           | (85,804 | )         |   | (135            | )
|Purchases of mineral property                         |           |         |           |   |                 |  
|Deferral of development costs                         |           | (13,755 | )         |   | (28,000         | )
|Net
      cash used by investing activities           |           | (99,559 | )         |   | (28,135         | )
|                                                      |           |         |           |   |                 |  
|Cash flows from financing activities:                 |           |         |           |   |                 |  
|Exercise of stock purchase warrants                   |           |         |           |   | 35,000          |  
|Sales of common stock, net of issuance costs          |           | 373,500 |           |   |                 |  
|Principal payments on capital lease                   |           |         |           |   |                 |  
|Payments on note payable to bank                      |           |         |           |   |                 |  
|Net
      cash provided by financing activities       |           | 373,500 |           |   | 35,000          |  
|                                                      |           |         |           |   |                 |  
|Cash of acquired companies                            |           | -       |           |   |                 |  
|                                                      |           |         |           |   |                 |  
|Net change in cash                                    |           | 245,899 |           |   | (10,695         | )
|Cash, beginning of period                             |           | 346,268 |           |   | 40,436          |  
|Cash, end of period                                   | $         | 592,167 |           | $ | 29,741          |  
|                                                      |           |         |           |   |                 |  
|Non-cash investing and financing activities:          |           |         |           |   |                 |  
|Common stock issued for:                              |           |         |           |   |                 |  
|Equipment                                             |           |         |           |   |                 |  
|Mineral properties                                    |           |         |           |   |                 |  
|Acquisitions of companies, excluding
      cash       |           |         |           |   |                 |  
|Capital lease obligation for equipment
      acquired |           |         |           |   |                 |  

3

The accompanying notes are an integral part of these financial
  statements.

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NEW JERSEY MINING COMPANY
  NOTES TO FINANCIAL STATEMENTS(Unaudited)

1. Basis of Presentation:

The unaudited financial statements have been prepared by the
  Company in accordance with accounting principles generally accepted in the United
  States of America for interim financial information, as well as the instructions
  to Form 10-QSB. Accordingly, they do not include all of the information and
  footnotes required by generally accepted accounting principles for complete
  financial statements. In the opinion of the Companys management, all adjustments
  (consisting of only normal recurring accruals) considered necessary for a fair
  presentation of the interim financial statements have been included. Operating
  results for the three-month period ended March 31, 2004 are not necessarily
  indicative of the results that may be expected for the full year ending December
  31, 2004.

For further information refer to the financial statements
  and footnotes thereto in the Companys Annual Report on Form 10-KSB for
  the year ended December 31, 2003.

2. Description of Business

New Jersey Mining Company (the Company) was incorporated
  as an Idaho corporation on July 18, 1996. The Company's primary business is
  exploring for and developing gold, silver and base metal mining resources in
  Idaho.

3. Restated Financial Statements

Change in Accounting Policy

During the fourth quarter of 2003, the Company changed its
  accounting policy, retroactive to January 1, 2002, with respect to its accounting
  for exploration costs. The Company now records exploration costs as operating
  expenses in the period that they occur, and only capitalizes exploration costs
  on areas of interest that have proven reserves and are in development for production.
  The Company's previous policy was to capitalize all such expenditures as deferred
  development costs of the properties being explored. The change was made in order
  for the Companys accounting practices to be consistent with prevailing
  mining industry accounting trends and securities regulations.

The effect of this change for the three month period ended
  March 31, 2003 was an increase in net loss of $2,890. The effect of the restatement
  on net loss per share of common stock-basic for the three month period ended
  March 31, 2003 was minimal.

Item 2. Management's Discussion and Analysis of Financial
  Condition and Plan of Operation

General

This report contains both historical and prospective statements
  concerning the Company and its operations. Prospective statements (known as
  "forward-looking statements") may or may not prove true with the passage of
  time because of future risks and uncertainties. The Company cannot predict

4

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what factors might cause actual results to differ materially from those indicated by prospective statements.

Item 2. Management's Discussion and Analysis of Financial Condition and Plan of Operation, Continued:

Plan of Operation

The Company is executing its plan to continue exploration
  for gold, silver and base metal deposits in the greater Coeur dAlene Mining
  District of northern Idaho. One of the properties, the Silver Strand, owned
  by the Company is in the advanced permitting stage with the U.S. Forest Service
  (USFS) and will be readied for production once operating permits are received.
  The permitting schedule for the Silver Strand has been delayed such that pre-production
  work may not commence until late summer or fall 2004. Interest groups that oppose
  all enterprises on public lands may attempt to further delay the granting of
  permits by the USFS.

The Company is upgrading its mineral processing plant, the
  New Jersey mill, to add the flotation process which is needed to produce marketable
  concentrates for smelters. Included in the upgrade are eight new flotation cells,
  pumps, a filter press, a concentrate bin, and various fabricated assemblies.
  All of this equipment is either on order or has been received. A coarse-ore
  bin is also planned so that ore can be received at the New Jersey mill from
  outlying properties. Other improvements are being made to improve the process
  control of the plant. A special mine car has been built to transport ore in
  narrow, trackless mine openings.

An exploration ramp at the Golden Chest is currently being
  driven in order to expose an ore grade intercept drilled by Newmont Exploration
  Limited (NEL). If the mineralization exposed by the ramp is of sufficient size
  and grade, as indicated by the drilling, production may commence from development
  excavations which will be driven on the vein.

An exploration drilling program is also planned and underway
  for 2004. Drilling commenced at the New Jersey mine area at the Enterprise and
  Scotch Thistle prospects. Drilling will also be done at the Golden Chest property
  to test for the presence of deep gold mineralization. Drilling at the Lost Eagle
  prospect was planned but will probably be deferred until 2005. A surface geophysical
  program is underway at the Silver Strand mine to test for a potential westward
  extension of the mineral zone. Reconnaissance geological and geochemical studies
  are being performed in the greater Coeur dAlene Mining District. Work
  has commenced to conduct a pre-feasibility study at the Golden Chest where previous
  drilling by NEL indicates a potential open-pittable resource of 230,000 ounces
  of gold.

The Company has sufficient funding to execute the above projects
  for the next 12 months, as well as fund necessary management tasks such as auditing/accounting
  and SEC reporting. There are no current plans to secure additional funding.

It is likely that some production will be achieved in the
  next twelve months, which could generate additional cash flow. Production may
  be achieved from the New Jersey open pit mine or from the Silver Strand mine
  or Golden Chest project.

The Company currently has four employees and uses consultants
  or contractors for project tasks. Up to three additional employees may be hired
  if production commences.

5

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Item 3. Controls and procedures

Based on their most recent evaluation, which was completed
  within 90 days of the filing of this Form 10-QSB, the Companys president
  and principle financial officer believe the Companys disclosure controls
  and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) are effective
  to ensure that information required to be disclosed by the Company in this report
  is accumulated and communicated to the Companys management, as appropriate,
  to allow timely decisions regarding required disclosure. There were no significant
  changes in the Companys internal controls or other factors that could
  significantly affect these controls subsequent to the date of their evaluation
  and there were no corrective actions with regard to significant deficiencies
  and material weaknesses.



[The balance of this page has been intentionally left blank.]



6

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PART II - OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

None

Item 2. CHANGES IN SECURITIES

Neither the constituent instruments defining the rights of
  the registrants securities filers nor the rights evidenced by the registrants
  outstanding common stock have been modified, limited or qualified. The Company
  sold 933,750 shares of its common stock for $0.40 per share, during the first
  quarter of 2004, to complete a private placement that was announced in a Form
  8-K filing on February 19, 2004. The securities were issued pursuant to exemptions
  from registration under Section 4(2) and Rule 506 of Regulation D of the Securities
  Act of 1933 as amended.

Item 3. DEFAULTS UPON SENIOR SECURITIES

The registrant has no outstanding senior securities.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

Item 5. OTHER INFORMATION

None

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

Exhibits

|31.1 | Certification pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002                                               
|---- | ----------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                             
|32.1 | Certification pursuant to 18 U.S.C. Section
      1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



Reports on Form 8-K.

On February 19, 2004, the Company filed a Form 8-K announcing
  the completion of a private placement of stock .



[The balance of this page has been intentionally left blank.]



7

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned thereunto duly authorized.

| | NEW JERSEY MINING COMPANY
| | -------------------------
| |                          
| | By:                      
| |                          
| |                          
| |                          
| |                          
| |                          
| |                          
| |                          
| |                          
| |                          
| |                          
| |                          
| |                          

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